Tuesday, July 15, 2008

GM Cuts Dividend, Payrolls to Add Cash

Light & Medium Truck | GM Cuts Dividend, Payrolls to Add Cash: "General Motors Corp., buffeted by a U.S. sales collapse and three years of losses, suspended its stock dividend, cut salaried payroll by 20% and proposed selling assets to raise at least $15 billion in the next 18 months, Bloomberg News reported."

I was talking with someone I know at an enclosed trailer manufacturer in the Detroit area, and he says that a lot of the fleets hauling domestic vehicles have one third of their trucks parked.